The stock market in Canada remained highly volatile on Wednesday, as the U.S. debt ceiling stand-off kept investors on their toes, despite the release of cooler-than-expected April inflation data. As a result, the S&P/TSX Composite Index slipped 86 points, or 0.4%, to settle at 20,499, ending the third consecutive session with less than 100-point movement.
On the one hand, some industrial and real estate sector companies showcased strength. On the other hand, big losses in commodity-linked and utility stocks pushed the market index downward.
Top TSX Composite movers and active stocks
Shares of Converge Technology (TSX: CTS) crashed 22.8% to $2.71 per share a day after its first-quarter results came out. During the March 2023 quarter, the Toronto-headquartered hybrid IT solutions provider’s net revenue increased by 37% year over year to $678.2 million.
With this, Converge Technology reported adjusted quarterly net earnings of $0.12 per share, which is slightly higher than $0.10 per share a year ago. However, the company expects the overall market, especially at the large enterprise customers level, to remain relatively flat in the ongoing year. After yesterday’s massive losses, CTS stock has now seen 41% value erosion on a year-to-date basis.
Nuvei, Endeavour Silver, and Northland Power were also among the worst performers on the Toronto Stock Exchange in the last session, as they tanked by more than 12% each.
On the positive side, Element Fleet Management, goeasy, Stella-Jones, and Boyd Group stood out as the top-performing TSX stocks for the day, as they rallied by at least 7.4% each.
Based on their daily trade volume, Enbridge, Suncor Energy, Converge Technology, and Manulife Financial were the most active stocks on the exchange.
TSX today
Silver prices were trading with nearly 2% intraday losses early Thursday morning, which could pressure the shares of precious metal miners on the TSX at the open today. As investors continue to react to yesterday’s U.S. consumer inflation numbers, the release of jobless claims and wholesale inflation data this morning could add to the market volatility.
On the corporate events side, many TSX-listed companies, including Sun Life Financial, IAMGOLD, Definity Financial, Silvercrest Metals, Park Lawn, Sienna Senior Living, Brookfield Asset Management, Maple Leaf Foods, Canadian Tire, CI Financial, and Algonquin Power & Utilities, are likely to release their latest quarterly results on May 11.
Market movers on the TSX today
